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Chinese Enterprises Set Up Branches in Lithuania, Getting a Permit to 28 EU Countries

Lithuania is located at the east coast of the beautiful Baltic Sea and lies in one end of the "Silk Road Economic Belt" with China in the other end. In spite of the long distance, the destiny of Lithuania and China is shared through the linkage of sci-tech finance along "The Belt and Road". During the 5th China Beijing International Fair for Trade in Services (CIFTIS for short below), Lithuania organized thematic activities. Vilius Sapoka, Minister for Finance of the Republic of Lithuania, mentioned in his keynote speech that Chinese enterprises will get the "permit" to enter 28 EU countries after setting up branches in Lithuania. "Then, Chinese enterprises will enjoy a consumer market of about 500 million."

 

In 2016, Lithuania made its first presence at the 4th CIFTIS. Taking this opportunity, Lithuania started the cooperation between Lithuanian and Chinese enterprises and research institutes. At the 4th CIFTIS, Lithuania mainly exhibited its bioscience, informatics, laser technologies and food technologies.

 

This year, at the 5th CIFTIS, Vilius Sapoka emphasized the "channel" role of Lithuania for countries along "The Belt and Road". Through the application and integration of sci-tech finance, "The Belt and Road" initiative enables countries involved to "share" the development achievements of modern science and technology and modern finance. If the industrial development of each country is compared to pearls along the Belt and Road, the sci-tech finance will link these pearls into a string of necklace. Vilius Sapoka said that Lithuania represents the largest country in the Baltic Sea and has close link with China in engineering, agriculture, green finance, logistics and other industries. "We need to speed up our efforts in linking the channel that is the frequently-mentioned financial technology." In this regard, Lithuania will see rather rapid development owing to its superior legal environment and science environment. "If Chinese enterprises set up branches in Lithuania or established new companies there, they can get a permit to enter 28 EU countries. In other words, with this permit, Chinese enterprises will enjoy a consumer market of about 500 million. Further, a channel can also be opened for 23 million medium- and small-sized EU enterprises."

 

To facilitate Chinese enterprises to invest in Lithuania, the local government will make all its efforts to eliminate barriers in laws and regulations, help enterprises run in compliance with the law and also provide bank loan and other support for some projects.

 

Besides, the rapid growth of the financial technology will be accompanied with certain risks. To cope with such risks, Lithuania set up the National Cyber Security Center which covers both public institutions and private enterprises in a bid to help them build a safer cyber environment.  "This is also a prerequisite for our economic success in the future", said Vilius Sapoka.